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MARGRAF ON THE MARKETS


27253 Timberlane, Monee, Illinois
(March 26, 1997)

FINANICALS: 2-YEAR AND 5-YEAR U.S. TREASURY
NOTES"HIGHLIGHTS

The Federal Reserve Board raised short-term
interest rates from 5.25% to 5.50% this week.
Technical Analyses"2-Year Notes
Trends Futures
Long-Term Down- Close 102-1425
Erratic [4-day change = -0450]
Intermediate Down Resistance 102-2000
Short-Term Down Support 102-1150
Technical Analysis"5-Year Notes
Trends Futures
Long-Term Down Close 104-235
Erratic [4-day change = -0850]
Intermediate Down Resistance 102-2000
Short-Term Down Support 102-1150

TECHNICAL RECOMMENDATIONS

POSITION RECAP:

Short positions beginning March 7.


NEW:

Continue to build short positions via sell-stops at new lows for this downtrend. Exit at first signal (trailing stop, parabolic or Margraf Exit Rule #2).
Ernest Margraf

Consensus National Futures and Financial On Line Index
Financial Index

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Last updated on 04-15-97

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